Don’t believe it? Then consider three definitions of “socialism,” courtesy of Merriam-Webster.
Definition #1: Any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.
In line with the definition above, we’ve seen President Obama’s federal government seize partial ownership of automakers, banks and other financial institutions and insurance companies, to name a few.
According to Bill Gross at Pensions & Investments Online, government ownership and control of vital financial and manufacturing institutions will politely be described as “industrial based” policy and “burden sharing,” but we should have no doubt that we will move significantly away from the free market model that has dominated capitalistic countries for the past 25 years.
Definition #2: A system of society or group living in which there is no private property a system or condition of society in which the means of production are owned and controlled by the state.
Per the second definition, we’ve seen AIG employees have their legal employment contracts essentially nullified and have their legal bonuses seized via bully tactics implemented by President Obama, Rep. Barney Frank (D-Mass.) and others in Congress.
In a Daily Press article today, economist Walter Williams writes that he is “all too afraid that a historian, a hundred years from now, will footnote America as a historical curiosity where people once enjoyed private property rights and limited government but it all returned to mankind’s normal state of affairs — arbitrary abuse and control by the powerful elite.”
Definition #3: A stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done.
The third definition brings to mind not-too-distant images of a presidential nominee advocating the redistribution of Americans’ wealth. As recently as this morning, an Associated Press headline tried and convicted President Obama for breaking the promise he made to not raise taxes on poor people. See PROMISES, PROMISES: Obama tax pledge up in smoke for details.
Welcome to the “Land of Hope and Change.”